Paper Title
Corporate Taxation and Financial Leverage of Listed Non-Oil Exporting Companies in Nigeria
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: Authors
Keywords
Company income tax, value added tax, financial leverage
Abstract
This study investigates the extent to which both direct and indirect taxes affect corporate financial leverage for listed non-oil exporting companies in Nigeria using the panel data framework. While direct taxation is proxied by company income tax, indirect taxation is proxied by value added tax. The study involves nine (9) listed non-oil exporting companies and covers the period from 2015 to 2022. The companies are Beta Glass, Cadbury Nigeria, Dangote Cement, Flour Mills, Guinness Nigeria, Nestle, Okomu Oil Palm, PZ Cussons, and Unilever Nigeria. The empirical analysis is based on a dynamic panel data model that incorporates firm size, profitability, and corporate governance as control variables. First, we compare the performance of the three conventional panel estimation methods (pooled regression, fixed effects, and random effects) based on Likelihood Ratio and Hausman specification tests and find that the specified model is consistent with the fixed effects theory. More specifically, our findings show that cross-sectional heterogeneity, arising mainly from the differences in organizational culture, organizational leadership, and/or management style, is an important aspect of the dynamic relationship between corporate taxation and financial leverage. Further, in contrast with the trade-off theory, we find that debt capital is not significantly related to both company income tax and value added tax. Hence, we conclude that corporate taxation is not a significant explanatory factor for corporate financial leverage.
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How To Cite (APA)
Ezeoma, Kelechi Iheonukara, Ohale L., & Nteegah Alwell (October-2023). Corporate Taxation and Financial Leverage of Listed Non-Oil Exporting Companies in Nigeria. INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT, 8(10), a744-a751. https://ijnrd.org/papers/IJNRD2310086.pdf
Issue
Volume 8 Issue 10, October-2023
Pages : a744-a751
Other Publication Details
Paper Reg. ID: IJNRD_202791
Published Paper Id: IJNRD2310086
Downloads: 000121991
Research Area: Management
Author Type: Foreign Author
Country: Choba, Rivers, Nigeria
Published Paper PDF: https://ijnrd.org/papers/IJNRD2310086.pdf
Published Paper URL: https://ijnrd.org/viewpaperforall?paper=IJNRD2310086
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